In the ever-evolving Canadian real estate market, understanding mortgage rates is crucial for homebuyers.
Whether you’re a seasoned homeowner or a first-time buyer, this information will empower you to make informed decisions and save you thousands of dollars. Let’s explore
Latest mortgage rates of the Big 5 banks in Canada
Royal Bank of Canada (RBC):
- 3-year fixed rate: 5.74%
- 5-year fixed rate: 4.64%
- 10-year fixed rate: 5.79%
Toronto-Dominion Bank (TD):
- 3-year fixed rate: 6.05%
- 5-year fixed rate: 5.70%
- 10-year fixed rate: 6.14%
Scotiabank:
- 3-year fixed rate: 4.84%
- 5-year fixed rate: 4.64%
- 10-year fixed rate: 5.79%
Bank of Montreal (BMO):
- 3-year fixed rate: 5.39%
- 5-year fixed rate: 4.89%
- 10-year fixed rate: 6.29%
CIBC (Canadian Imperial Bank of Commerce):
- 3-year fixed rate: 6.29%
- 5-year fixed rate: 4.99%
- 10-year fixed rate: 6.14%
Latest mortgage rates of B lenders in Canada
Nesto Inc.:
- 3-year fixed rate: 5.04%
- 5-year fixed rate: 4.54%
- 10-year fixed rate 5.79
Dominion Lending Centres:
- 3-year fixed rate: 6.53%
- 5-year fixed rate: 5.64%
- 10-year fixed rate: 6.44%
The Mortgage Centre:
- 3-year fixed rate: 6.53%
- 5-year fixed rate: 5.64%
- 10-year fixed rate: 6.44%
First National Financial LP:
- 3-year fixed rate: 6.68%
- 5-year fixed rate: 6.44%
- 10-year fixed rate: 6.59%
THINK Financial (True North Mortgage):
- 3-year fixed rate: 5.89%
- 5-year fixed rate: 5.39%
Home Trust:
- 1-Year Fixed Rate: 7.84%
- 2-Year Fixed Rate: 7.44%
- 3-Year Fixed Rate: 6.95%
Understanding Mortgage Rates in Canada
A mortgage rate is the interest charged by a lender (such as a bank) when you borrow money for a home purchase. It significantly impacts the overall cost of buying real estate and affects how much home you can afford.
Here are some key things to note:
- Fixed vs. Variable Rates: Some lenders specialize in competitive fixed rates, while others offer better deals on variable rates.
- Factors influencing Rates: Loan term, credit score, down payment size, government policies, and home cost all play a role.
- Comparison shopping: Even a small rate drop (10 to 50 basis points) can save you thousands over the loan’s life.
Shahab Shahisavandi, the “Best Mortgage Broker In Thornhill, noted that “rates may vary based on individual circumstances, and it’s always a good idea to consult with a financial advisor or mortgage specialist.”
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